/raid1/www/Hosts/bankrupt/TCRAP_Public/010629.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, June 29, 2001, Vol. 4, No. 127
Headlines
A U S T R A L I A
ALPHA HEALTHCARE: Ramsay Increases Substantial Holding
ANALYTICA LIMITED: Creditors' Meeting Set For Today
ANALYTICA LIMITED: Fate To Be Resolved By Creditors Today
NORMANS WINES: Hay Resigns As Director
ONE.TEL LIMITED: New Hotline Available To Ex-Customers
RECKON LIMITED: Blackett Named Company Secretary
RECKON LIMITED: Intuit Becomes Substantial Shareholder
RECKON LIMITED: Posts Results Of Special General Meeting
STRAITS RESOURCES: Rights Issue Addressed By Chairman
STRAITS RESOURCES: Non-Renounceable Details Posted
WAIVCOM WORLDWIDE: Verona Offers To Buy Listed Shell
C H I N A & H O N G K O N G
AKAI HOLDINGS: Report On Liquidation Out Soon
HINET HOLDINGS: No Reason For Increase In Turnover
PRICERITE GROUP: Trading Suspended
I N D O N E S I A
BANK INTERNASIONAL: Bank Mandiri Takeover Likely
K O R E A
DAEWOO MOTOR: Sues Former Sister Firms
HYUNDAI ENGINEERING: Creditors Approve Debt Rollover
HYUNDAI ENGINEERING: Hana Decides To Buy Bonds
HYUNDAI ENGINEERING: Refinancing 60% Of Bonds Needed
HYUNDAI PETROCHEMICAL: Employs Self-Rescue Measures
M A L A Y S I A
ABRAR CORPORATION: Inks MoU with APC Land
AUTOWAYS HOLDINGS: Creditor Takes Legal Action
AUTOWAYS CONSTRUCTION: Masboh Files Winding-Up Petition
AUTOWAYS HOLDINGS: Lodges Defense In Court
IDRIS HYRDRAULIC: Denies "Brick Wall" In Restructuring
INSTANGREEN CORP: Recoverable Amount From Maju Project Uncertain
METROPLEX BERHAD: Resolves Winding-Up Case
POLY GLASS: Court's Decision On Winding-Up Stay In October
TECHNO ASIA: Writ Of Summons Served
WEMBLEY INDUSTRIES: Debt Workout Scheme In Works
P H I L I P P I N E S
BAYAN TELECOMS: Creditor Bank Meeting Set For Today
NATIONAL POWER: Foreign Firms Vie For Assets
URBAN BANK: PDIC Approves Rehab Plan
S I N G A P O R E
BRIERLEY INVESTMENTS: Longleaf Changes Substantial Holding
CAM INTERNATIONAL: New Debt Workout Proposal Emerges
T H A I L A N D
DATAMAT PUBLIC: Asks For Re-Extension For Plan Submission
PRASIT PATANA: Creditors Approve Rehab Plan
SAHAMITR PRESSURE:Requests Second Extension For Submission
SIAM STEEL: Pays Creditors Bt42.5M Under Rehab Plan
- - - - - - - -
=================
A U S T R A L I A
=================
ALPHA HEALTHCARE: Ramsay Increases Substantial Holding
------------------------------------------------------
Ramsay Centauri Pty Limited increased its relevant interest in
Alpha Healthcare Limited on 27 June 2001, from 39,573,857
ordinary shares (87.7 percent) to 40,066,456 ordinary shares
(88.8 percent).
ANALYTICA LIMITED: Creditors' Meeting Set For Today
---------------------------------------------------
Deloitte Touche Tohmatsu's S A Wallace-Smith and P G Yates were
appointed as Administrators of the Analytica Limited on 8 May
2001. The second meeting of creditors adjourned on 4 June 2001.
The Administrators advise that a second meeting of creditors for
the company will be held at 10.30 am on 29 June 2001, at the
offices of Deloitte Touche Tohmatsu, 21st Floor, 505 Bourke
Street, Melbourne and enclose herewith the following documents
for your attention:
1. Notice of meeting (Form 529)
2. Proxy Form
3. Statement of Claim for Voting Purposes
4. Report to Creditors
As outlined in their report, the Administrators intend to
propose a further adjournment of the meeting under Section
429B(2) of the Corporations Law.
New proxies are required for the purposes of voting, however
please note that creditors are not required to provide a
statement of claim form if they have already done so. The
Administrators say it would be appreciated if the Statement of
Claim and Proxy Forms are completed and received by this office
no later than 4 pm on 28 June 2001. Proxies received after this
deadline may not be processed in time for the meeting. Proxy
forms can be returned by facsimile to Simon Anderson at (03)
9208 7700.
For queries, contact Simon Anderson of our office on (03) 9208
6676.
Notice Of Second Creditors Meeting
Analytica Limited
(Administrators Appointed)
Notice is given that a meeting of the creditors of the
company will be held at Level 21, 505 Bourke St, Melbourne on 29
June 2001 at 10:30 am.
Agenda
1. To consider a brief report from the administrators
2. General Business
3. To adjourn the meeting
ANALYTICA LIMITED: Fate To Be Resolved By Creditors Today
---------------------------------------------------------
Simon Wallace-Smith and Peter Yates were appointed
Administrators of Analytica Ltd (Administrators Appointed) on 8
May 2001 pursuant to Section 436A of the Corporations Law.
In accordance with Section 436E of the Corporations Law a first
meeting of the creditors was held on 14 May 2001.
The second meeting of creditors on 4 June 2001 was adjourned
under Section 439B(2) of the Corporations Law to 29 June 2001 so
as to continue with the sale process already in place.
The Administrators will recommend at the meeting held on 29 June
2001 that the second creditors meeting be adjourned a second
time to a date to be fixed.
Pursuant to section 439B subsection 2 of the Corporations Law
the second meeting of creditors must be held by 27 July 2001. We
anticipate that the meeting will be convened some time prior to
this date. This is to allow further time for the administrators
to negotiate the sale of the business so as to present the best
alternative for creditors. The status of sale negotiations is
detailed in Section 2 of this report.
Despite the Administrators' recommendation to adjourn the
meeting, the creditors may, in accordance with Section 439C of
the Corporations Law, resolve:
a) That the company execute a Deed of Company Arrangement; or
b) That the Administration should end; or
c) That the company be wound up.
The Administrators' comments regarding each of the above
alternatives are as follows:
That The Company Execute A Deed Of Company Arrangement
At the date of writing this report, no acceptable proposal had
been submitted by the company directors in respect of a possible
arrangement with creditors.
In the advent that there is proposed deed to be put forward by
the directors we will request that details of the proposed Deed
of Company Arrangement be provided to the Administrators.
That The Administration Should End
In our opinion it is not in the best interests of the creditors
that the administration should end for the following reasons:
* The company is insolvent;
* The company has no capacity to generate further income; and
That The Company Be Wound Up
If the creditors do not vote in favor of one of the above two
options, the creditors may vote in favor of the resolution that
the company be placed into liquidation. Pursuant to Section 513C
of the Corporations Law, the winding up of the company is deemed
to have commenced on the date of our appointment as
Administrators, being 8 May 2001.
The Administrators' Opinion]
It is the Administrators opinion that the second meeting be
adjourned to a date yet to be fixed but no later than 27 July
2001.
This report is provided to update the creditors on developments
since our report of 29 May 2001. Accordingly our report of 29
May 2001 is taken as read.
The intention of this report is to update creditors on the
progress that has been made on the sale of the business. The
results of the Administrators' investigations into the company
affairs will be detailed in their next report which will be
tabled at the next adjourned second creditors meeting.
As Administrators, they reserve the right to alter any
conclusions in light of any new or additional information
between the date of this report and the time of the second
meeting of the creditors.
Sale Process
As previously advised the assets and business of Analytica were
advertised for sale in the Financial Review on the 17th 21st and
23rd of May 2001.
A total of thirty-two interested parties have reviewed the
Information Memorandum prepared for their consideration. Seven
expressions of interest were received prior to the deadline of 7
June 2001.
Only one expression of interest included any request for details
of the Biopesticide project in Taiwan, and this was from a
director of Analytica Biotechnology Co Ltd (ABC), a subsidiary
of Analytica, and the company working on this project. The
Administrators have requested firm details of any offer along
with a substantial cash deposit before considering the offer
further. They believe it unlikely that a sale of this part of
the business will be concluded in the immediate future.
MCM Business
Two expressions of interest have been received for the Modern
Chinese Medicine Business. We are continuing to negotiate with
these parties and expect their Due Diligence work to be started
on 25 June 2001.
Intellectual Property
A proposal is also being developed by some of the Directors of
the company regarding a possible Deed of Company Arrangement.
The proposal is in respect of some of the Intellectual Property
and the Analytica "company shell".
The Directors have made their proposal known to the
Administrators, and it was agreed that they should continue to
explore the opportunity. It would appear at the present time
that the outcome for Creditors may be enhanced by the
implementation of a Deed of Company Arrangement, along the lines
being proposed by the Directors.
However it is not appropriate at this time to estimate the
likely return, should this proposal be acceptable to creditors.
This proposal would incorporate an offer for part of the assets
of the company by one of the interested parties. This interested
party was not associated with the company or Directors prior to
the administration.
Company Shell
The publicly listed company shell has attracted interest from
several parties in addition to the proposal referred to above
from the Directors. All of these are being pursued.
In addition several other parties made inquiries subsequent to
the due date for the closure of expressions of interest. This
includes an inquiry into Intellectual Property, which is not
part of the core IP of the company. These inquiries are being
pursued.
Conclusion
As the negotiations required to complete any proposal have not
yet been finalized, I believe it is in the best interest, of the
creditors that further time be given to try to conclude a sale.
An adjournment of this meeting of creditors to a date to be
fixed will provide me with the opportunity of pursuing these
matters further and will provide creditors more detailed
information, as final offers will be known.
NORMANS WINES: Hay Resigns As Director
--------------------------------------
Normans Wines Limited announced the resignation of Robert Hay as
a Director of the Company.
Hay will remain an employee of the company as Chief Executive
Officer and will work with the Board of Directors and Xanadu
Wines Limited to effect the merger of the two companies.
Hay stated the decision was taken for personal reasons. He
remains committed to the merger with Xanadu and will work with
all parties to ensure its success.
ONE.TEL LIMITED: New Hotline Available To Ex-Customers
------------------------------------------------------
Former customers of failed telecommunications firm One.Tel
Limited have a new hotline to call when there are concerns
regarding the cancellation of their direct debit or credit card
authorities, or the payment of their bills, ABC News Online
reports Wednesday.
The hotline number is 1-800-816-227.
RECKON LIMITED: Blackett Named Company Secretary
------------------------------------------------
Reckon Limited announces the appointment of Graeme Blackett as
its Company Secretary. Prior to joining Reckon Limited,
Blackett held the positions of Assistant Company Secretary and
later Company Secretary with NRMA Insurance Limited and NRMA
Limited (as it was then known) for over seven years.
Reckon Limited also announces the resignation of Philip Hayman
as Company Secretary, effective today. Hayman continues as a
director of Reckon Limited.
RECKON LIMITED: Intuit Becomes Substantial Shareholder
------------------------------------------------------
Intuit Ventures Inc became a substantial shareholder in Reckon
Limited on 17 May 2001 with a relevant interest in the issued
share capital of 12,028,245 ordinary shares (10.08 percent).
RECKON LIMITED: Posts Results Of Special General Meeting
--------------------------------------------------------
Reckon Limited said that at the Special General Meeting of
members held in Sydney Wednesday, the two resolutions proposed
at the meeting as contained in the Notice of Meeting dated 23
May 2001 were passed by shareholders.
Attached is a copy of the summary of proxies received for the
Special General Meeting.
Resolutions For Open Total
(For+Open)
Holders Votes Holders Votes Holders Votes
1. Approve past 144 12,872,107 21 130,650 165 13,002,757
securities issue
2. Approve new
securities issue 141 12,844,965 22 132,650 163 12,977,615
Resolutions Against Abstain
Holders Votes Holders Votes
1. Approve past
securities issue 40 586,700 4 7,500
2. Approve new
securities issue 40 607,842 6 11,500
STRAITS RESOURCES: Rights Issue Addressed By Chairman
-----------------------------------------------------
Straits Resources Limited Executive Chairman A D Toms, in his
letter addressed to the company's shareholders, commended the
proposed non-renounceable rights issue to the shareholders. He
wrote:
"On 30 May 2001, Straits announced at the Company's annual
general meeting that we intend to raise $8.0 million through an
Entitlement Offer to Shareholders. We are pleased to now make
available this Prospectus for the 1 for 4 non-renounceable
Rights Issue together with the Entitlement and Acceptance Form
that sets out your Entitlement under the Issue.
"The Rights Issue at $0.54 cents per share is payable in two
tranches, $0.27 payable on acceptance and the balance of $0.27
payable on 30 November 2002. At the time of announcement, the
Issue Price was at a discount to the market price. The funds
raised are to be used to pay the balance of the acquisition cost
of Nifty that the Company acquired in 1998. You will find
further details in the Prospectus.
"Nifty is our flagship. Nifty contains a significant copper
resource and your Directors are committed to unlocking the value
of Nifty. As indicated in my address to the annual general
meeting, it is my belief that the value of the Company is much
more than the market ascribes to it.
"This Rights Issue together with the debt restructuring
completed recently meets the Company's medium term funding
needs. However your Directors are mindful of the need to reduce
the Group's gearing and to strengthen the balance sheet.
"Management will now be able to focus their efforts on
operational matters. Nifty's performance over the last three
quarters confirms its potential. The Sebuku Coal Mine has been
developed to produce 2 million tons per annum and continues to
perform to expectation. We are currently assessing the
development options for the Whim Creek copper project.
"As confirmation of my support for the Company's strategy of
bringing to account the value of its copper resources, I, with,
Mr G A D Keet have agreed to underwrite the Issue. On behalf of
the Board, I commend this Issue to you."
STRAITS RESOURCES: Non-Renounceable Details Posted
--------------------------------------------------
Straits Resources Limited announces the following details of its
non-renounceable rights issue:
ABN 22 056 601 417
Non-Renounceable Rights Issue of one Partly-Paid Share for every
four Shares (1:4) at $0.54 per Partly-Paid Share payable in
installments to raise approximately $8.0 million
Prospectus
Offer closes 5.00 pm (WST) 3 August 2001
Underwriter
Gerard Alain Denis Keet
and
Alvin David Toms
Summary of Important Dates
Prospectus lodged with the ASIC 27 June
2001
Record Date to determine Entitlements 9 July
2001
Latest date for dispatch of Prospectus and
Entitlement and Acceptance Forms 12 July
2001
Closing Date for acceptance and payment 3 August
2001
Latest date for dispatch of holding statements
for Partly-Paid Shares 24 August
2001
Offer To Shareholders
The Directors of Straits have approved a non-renounceable Rights
Issue of approximately 14,859,100 Partly-Paid Shares (subject to
the conversion of any convertible securities as described in
Sections 2.8 and 2.9) at $0.54 per Partly-Paid Share to raise
approximately $8.0 million before Issue expenses. Shareholders
of Straits are entitled to subscribe for one Partly-Paid Share
for every four Ordinary Shares (1:4) held. Only those
Shareholders shown on the share register at 5.00 pm (WST) on the
Record Date will be entitled to participate in the Partly-Paid
Share Issue.
The Issue Price of $0.54 per Partly-Paid Share is payable in two
tranches, $0.27 payable on acceptance of your Entitlement and
the balance of $0.27 payable on 30 November 2002.
Where fractions arise in the calculation of Entitlements, they
will be rounded up to the nearest whole number of Partly-Paid
Shares.
Purpose Of The Issue
The proceeds of the Issue will be used to replace working
capital, to pay the balance of the consideration outstanding on
the acquisition of Nifty from WMC and to pay Issue expenses.
As part of the debt restructuring completed recently, $6.0
million of the deferred liability for Nifty was repaid from the
proceeds of a term loan facility with ABN AMRO (refer to Section
4.3). The balance of the deferred liability due to WMC on 31
December 2002 is $4.0 million.
The payment for the Partly-Paid Shares has been structured in
two tranches for the following reasons -
i) The first tranche of approximately $4.0 million is to replace
working capital used to pay part of the deferred liability
recently settled; and
ii) The second tranche of approximately $4.0 million has been
fired to meet the final payment to WMC in respect of Nifty.
WAIVCOM WORLDWIDE: Verona Offers To Buy Listed Shell
----------------------------------------------------
Waivcom Worldwide Limited Administrator N Brooke said Verona
Capital Pty Ltd submitted a conditional offer to purchase the
listed shell of Waivcom.
The purchase price of $500,000 is conditional upon the
following:
* Creditors of Waivcom approving a resolution to vary the terms
of the Deed of Company Arrangement to enable the sale to proceed
as documented by the Heads of Agreement
* Verona receiving an assignment of debt owed by Waivcom to a
value of $2 million
* The Deed Administrators confirming that Waivcom has no assets
or liabilities (except for the debt owed to Verona) in
accordance with the terms of the varied Deed of Company
Arrangement
* Relisting of Waivcom shares on the ASX
* Shareholder approval in general meeting
A more detailed outline of the terms of the sale is available on
our website www.pwcrecovery.com through the "Businesses Under
Management" link.
Brooke said shareholders cannot be offered any confirmation as
to the potential value or otherwise of their shares at this
point. The proposed purchase is conditional and will involve a
dilution of existing shareholdings. Further details will be
provided as the transaction progresses. Brooke anticipates the
transaction may take six months to settle.
For queries, please contact Leonie Barnard on 03 8603 3997.
================================
C H I N A & H O N G K O N G
================================
AKAI HOLDINGS: Report On Liquidation Out Soon
---------------------------------------------
The initial report on the liquidation of Akai Holdings is
expected to be released soon, and will then be submitted to a
Hong Kong court, Gulf News reported.
The permanent liquidators of Akai and affiliate Kong Wah
Holdings, Damien Hodgkinson, Joe Fan and Craig Christensen of
RSM Nelson Wheeler, are seeking the cooperation of the former
management of the Akai group to facilitate their probe into the
disappearance of some group assets worth $2.2 billion, the
report says.
Akai and Kong Wah fell into liquidation in August last year. In
her ruling, Hong Kong Companies Court Judge, Justice Yuen said,
"A prompt and thorough investigation of the companies' affairs
is warranted. Clearly, it is imperative that competent and
committed liquidators be appointed as soon as possible to
undertake this task."
Khaled Ghuneim of RSM International was quoted as saying, "The
future of Japan-listed Akai Electric Co, whose market
capitalization fell to just $43 million before its collapse, has
yet to be determined. At the time of filing for protection under
Chapter 11 in New York, Singer held cash reserves of just $23
million against liabilities of $1.25 billion."
HINET HOLDINGS: No Reason For Increase In Turnover
--------------------------------------------------
HiNet Holdings has noted the recent increases in the price and
trading volume of the shares of the Company and wish to state
that HiNet is not aware of any reasons for such increases.
Save as disclosed in the announcement of the Company dated 12
June 2001, the Company confirms that there are no negotiations
or agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, HiNet Executive Director Ho Chun Wai said. He added
that neither is the Board aware of any matter discloseable under
the general obligation imposed by paragraph 2 of the Listing
Agreement, which is or may be of a price-sensitive nature.
PRICERITE GROUP: Trading Suspended
----------------------------------
At the request of Pricerite Group Limited, trading in the
company's shares will be suspended, effective 10:00 a.m.
Thursday 28 June 2001, pending release of a formal announcement
in relation to the placing of new shares in the company.
=================
I N D O N E S I A
=================
BANK INTERNASIONAL: Bank Mandiri Takeover Likely
------------------------------------------------
According to Indonesian Bank Restructuring Agency (IBRA), a
takeover by PT Bank Mandiri in PT Bank Internasional Indonesia
(BII) will be one of the measures to be considered as part of
the rescue attempts for BII, The Asian Wall Street Journal
reports.
The takeover, the newspaper says, could be accomplished through
the issuance of new BII shares to Bank Mandiri.
According to the report, this is one of the desperate attempts
by IBRA to rescue BII. IBRA is pressed to take measures to avoid
recreating the 1998 fix the Indonesian banking endured.
Earlier this year, IBRA pledged to guarantee BII's loans to the
Sinar Mas Group in exchange for the personal guarantees of
members of the Widjaja family, apart from collateral pledges.
However, depositors of BII recently withdrew their funds from
the bank.
BII's exposure to Sinar Mas Group's cash-strapped Asia Pulp and
Paper (APP), and its subsidiaries, amount to around US$1
billion. In March, APP declared a debt standstill.
=========
K O R E A
=========
DAEWOO MOTOR: Sues Former Sister Firms
--------------------------------------
Daewoo Motor is suing its three former sister firms -- namely Daewoo
Corporation, Daewoo Engineering and Construction and Daewoo
International -- seeking the nullification of the three firms'
separation from the Daewoo Group, The Digital Chosun reports yesterday.
Daewoo Motor filed the case with the Seoul District Court Wednesday.
The report says that Daewoo Motor alleges that the three firms' spin-
off from the group was made without the creditors' permission.
The complainant firm Daewoo Motor also cited that Daewoo Corp, which
has payables to the former amounting to W6.3 trillion, broke ties with
the group without taking moves to hold responsibility for its
obligations.
In December 2000, the Daewoo Corp.'s shareholders approved the take
over of liabilities and the separation of its two units, hence named
Daewoo International, the trading unit, and Daewoo Engineering and
Construction.
In a separate but related action, foreign creditors, including
Credit Lyonnais, and Bauer, have filed suits against Daewoo
Corporation, with the same claims as Daewoo Motor's.
HYUNDAI ENGINEERING: Creditors Approve Debt Rollover
----------------------------------------------------
According to Korea Exchange Bank, the domestic creditors of
Hyundai Engineering and Construction Company (HDEC) have decided
to grant the ailing building a six-month debt rollover, The
Asian Wall Street Journal reports Wednesday.
The creditors also drew up plans to sell HDEC shares that would
stem from the planned rights issue and debt-to-equity
conversion.
The creditors also resolved that they would sign a new
memorandum of understanding (MOU) on corporate restructuring
plans with HDEC.
HYUNDAI ENGINEERING: Hana Decides To Buy Bonds
----------------------------------------------
After refusing to participate in the convertible bonds issue of
Hyundai Engineering and Construction Company (HDEC), Hana Bank
has decided to take on the exercise, and agreed to purchase HDEC
convertible bonds that will not be converted to common stock by
April 29, 2004, The Asian Wall Street Journal reports Wednesday,
citing major creditor Korea Exchange Bank.
Hana Bank submitted Monday the agreement documents, together
with seven other creditor banks, to the Financial Supervisory
Service. Hana Bank, under the agreement, will take 9.8 percent
of the entire W750 billion worth of bonds, which the creditor
will sell later to investors.
The bonds, which have a coupon of 7.51 percent, can be converted
into HDEC shares at W5,156 apiece beginning the 29th of
September, the report says.
HYUNDAI ENGINEERING: Refinancing 60% Of Bonds Needed
----------------------------------------------------
Hyundai Engineering and Construction Company (HDEC) foreign
consultant Arthur D. Little, in its report to the creditor
steering committee meeting Tuesday, said that the ailing builder
would need to refinance 60 percent of the maturing bonds worth
W760 billion next year to see itself off the present liquidity
crisis, The Korea Herald reports yesterday.
Arthur D. Little was quoted in the report as saying, "The
builder should be able to refinance at least 60 percent of its
maturing bonds worth 760 billion won next year."
The consultant also reported that with the agreement of the
creditors to provide a bailout package, including the debt-for-
equity swap worth W1.4 trillion and equity investment of W1.5
trillion, the company's debt-to-equity ratio is expected to
slide to 299 percent by the end of the year, 190 percent in
2002, and 173 percent in 2003, the report says.
HYUNDAI PETROCHEMICAL: Employs Self-Rescue Measures
---------------------------------------------------
Hyundai Petrochemical, in its bid to regularize the operations
of the company, is taking self-rescue measures, as it embarks on
an "emergency management campaign" called BS-2001, The Korea
Herald reported Wednesday.
The management campaign is aimed at settling issues between
management and the company's labor union through bilateral
negotiations, effecting profit-making through efficient and
effective production and operations management.
The company will be able cut expenditures while incorporating
these measures.
To bolster the company's financial structure, the company has
disposed of its gas station close to its Daesan factory to
Hyundai Oil Company to the tune of W1.5 billion. The company is
also leasing space from the station.
In addition to these measures to save energy, translatable to
cash worth W20 billion, the company has resolved to extend the
frequency of regular repair work at the Daesan factory to every
three years.
Hyundai Petrochemical President Park Won-jin was quoted as
saying, "The company needs to go through long-term restructuring
regardless of whether it separates from the Hyundai Group or is
sold to a third party. As for now, it is important that we
develop a model that would yield much profit."
===============
M A L A Y S I A
===============
ABRAR CORPORATION: Inks MoU with APC Land
-----------------------------------------
Asia Pacific Land Berhad (AP Land) announced that on June 27,
2001, AP Land and its wholly-owned subsidiaries entered into a
Memorandum of Understanding with the special administrators of
ACB to regulate and record the basic understanding of the key
areas of agreement in relation to the corporate and debt
restructuring of ACB.
These wholly-owned subsidiaries are:
* City Square Centre Sdn Bhd
* City Square Properties Sdn Bhd
* APL Hotel Sdn Bhd, Mount Pleasure Corporation Sdn Bhd
* United Well Investment Ltd
Pengurusan Danaharta Nasional Berhad had on May 27, 2000
appointed Gong Wee Ning and Lim San Peen of Pricewaterhouse
Coopers as the Special Administrators of Abrar Corporation
Berhad.
Abrar Corporation Berhad (Special Administrators Appointed) is
an insolvent company and is indebted to its creditors.
On April 27, 2001, AP Land submitted a tender proposal to the
SAs in relation to a corporate and debt restructuring scheme for
ACB.
Details of the proposed workout include:
i) The proposed incorporation of a new company, NewCo, to
assume the listing status of ACB and to facilitate the
implementation of the Proposed Workout;
ii) The proposed exchange of the existing shares in ACB for
new ordinary shares in NewCo at a ratio;
iii) The Proposed acquisition by NewCo of the following
company/assets of the following wholly-owned subsidiaries and
sub-subsidiaries of AP Land:
Wholly-owned subsidiaries Company/Assets
and sub-subsidiaries of AP Land include:
* City Square Centre Sdn Bhd
* Empire Tower (Malaysia) Sdn Bhd
* City Square Properties Sdn Bhd
* City Square Shopping Complex
* APL Hotel Sdn Bhd
* Crown Princess Kuala Lumpur
* Mount Pleasure Corporation Sdn Berhad
* Ferringhi Beach Hotel Penang
* United Well Investment Ltd
* Rushcutters Harbourside Hotel Sydney
iv) A Proposed debt restructuring involving the settlement
of all known debts, secured, unsecured and any other creditors
of ACB; and
v) The proposed liquidation of ACB upon implementation of
(i) to (iv) above.
The key areas of agreement expressed in the MoU are subject to
and conditional upon the following:
i. Due diligence conducted by the Special Administrators to
their satisfaction on all aspects of the Proposed Workout
ii. All requisite approvals, consents or waivers being
obtained from the relevant authorities or under the Act; and
iii. All relevant corporate approvals being obtained.
AP Land shall provide an irrevocable Bank Guarantee of up to
RM1,000,000.00 to the SAs which shall be forfeitable if the APL
Parties are unable to carry out their obligations under the
circumstances as provided in the MoU and also an irrevocable
Bank Guarantee of up to RM500,000.00 to secure the payment of
agreed costs and expenses of ACB in relation to the Workout
Proposal.
The Company shall announce further details of the Proposed
Workout for ACB in due course.
AUTOWAYS HOLDINGS: Creditor Takes Legal Action
----------------------------------------------
Autoways Holdings Berhad on June 26, 2001 responded to a query
made by the Kuala Lumpur Stock Exchange concerning the
litigation between Showa Factoring Sdn Bhd and the company.
Autoways said Showa Factoring (Malaysia) Sdn Bhd (SFSB), a
scheme creditor, which consented to the Company's Scheme of
Arrangement and Compromise Repayment, had proceeded to take
legal action against Autoways Construction Sdn Bhd (ACSB).
The Company announced on February 23, 2000 and October 30, about
the circumstances leading to the abortion of the said Scheme.
The company stated that its management neither wishes to
speculate as to whether these announcements are relevant to the
abovementioned litigation, nor admits the legal right of SFSB to
commence legal proceeding.
AUTOWAYS CONSTRUCTION: Masboh Files Winding-Up Petition
-------------------------------------------------------
Autoways Holdings Berhad announced that its wholly-owned
subsidiary Autoways Construction Sdn Bhd (ACSB) was served a
winding up petition by Masboh Trading Sdn Bhd (MTSB).
The details are as follows:
(a) The petition was presented on May 25, 2001 to the Kuala
Lumpur Session Court and served on ACSB on June 19, 2001.
(b) The amount of claim under the petition is RM31,393.45 as
of December 31, 1996.
(c) The claim is based on the purported outstanding amount
owing by ACSB in respect to the purchase of building materials
from MTSB. Judgment in default was obtained against ACSB in the
Kuala Lumpur Session Court on January 8, 2001.
(d) The total cost of investment of the Company in ACSB is
RM11,500,004.
The Management of ACSB and the Company intends to file an
application to set aside, to file affidavit in opposition and/or
apply to strike out the petition.
AUTOWAYS HOLDINGS: Lodges Defense In Court
------------------------------------------
Autoways Holdings Berhad announces that it filed its defense in
the High Court of Malaya by June 28, 2001.
Autoways Holdings' total cost of investment in Autoways
Construction Sdn Bhd is RM11,500,004.
The High Court of Malaya Kuala Lumpur had issued a Writ of
Summon dated May 23, 2001 regarding a total claim of
RM998,523.63 by Showa Credit (Malaysia) Sdn Bhd against Autoways
Construction Sdn Bhd and Autoways Holdings Berhad. ACSB is a
wholly owned subsidiary of the Company.
Other details are as follows:
1. The writ of summon was served on the Company and ACSB on June
6, 2001.
2. The total amount of three claims is RM998,523.63 together
with interest at the rate of 24 percent per annum on the sum
from January 29, 2001 until the final settlement.
3. The claims are based on three hire purchase agreements
between SCSB and ACSB and the Company acted as a guarantor for
ACSB.
IDRIS HYRDRAULIC: Denies "Brick Wall" In Restructuring
------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad, in response to a query by the
Kuala Lumpur Stock Exchange (KLSE), said the company had entered
into a Conditional Sale & Purchase Agreement with Ambrosia
Resources Sdn. Bhd. dated March 9, 2001 and as per the
announcement made by Commerce International Merchant Bankers Bhd
on behalf of the Company dated March 10, 2001.
The KLSE was inquiring about an article appearing in The Edge,
on Monday, 25 June 2001, entitled "The Plot Thickens", which
claimed "...Idris had put up a proposal to sell its entire
equity in Prime to a construction and timberbased company,
Ambrosia Resources Sdn Bhd, for RM150 million."
"Sources say the deal, which is part of Idris' on-going
restructuring exercise to pay off its debt, seemed to have come
up against a brick wall and would not go on as scheduled," the
article further relates.
The company denied any knowledge of any "brick wall" in its
ongoing restructuring exercise, and said in a statement to the
KLSE that "instead, we are finalizing the Debt Restructuring
Agreement (DRA) with the creditors and we will make official
announcement once the DRA has been executed by all the
creditors."
Background
The Company was formed as the vehicle to take over the business
of Idris Hydraulic Tin plc (Idris plc), a mining company.
The Company (IHMB) carried out mining operations until 1986.
Over the years the Company has expanded into property
development, insurance services, manufacturing and timber-based
activities.
On 13 July 2000, the Company entered into a Conditional
Agreement with Dato' Che Mohd Annuar bin Che Mohd Senawi and
Idaman Unggul Sdn Bhd (Newco). Dato' Che Mohd Anuar bin Che Mohd
Senawi will undertake to subscribe for 150 million shares in
Newco.
The proposed shares subscription is an integral part of the
proposed comprehensive restructuring exercise, which among
others, addresses IHMB's various financial obligations to
creditors and reconstitutes its asset(s) in a new entity. The
proposed comprehensive restructuring exercise is undertaken
under the auspices of the Corporate Debt Restructuring
Committee.
On 17 August 2000, the Company entered into a Conditional Debt
Restructuring Agreement with Newco, and various lenders. The
Conditional Debt Restructuring Agreement involves, a proposed
debt reconstruction of the Group, be effected vide a Creditors'
Scheme of Arrangement principally involving the novation of
various of the Company's subsidiaries' debts to IHMB or Newco, a
set-off of cash in various fixed deposit accounts, a partial
waiver of debt by IHMB Group's creditors and the full settlement
of the remaining IHMB Group's indebtedness by way of cash and
issuance of new securities by Newco.
IHMB proposes to undertake a proposed capital and reserve
reduction and consolidation exercise, a proposed exchange of
IHMB shares for new Newco shares pursuant to Section 176 of the
Companies Act and pursuant to the agreement entered by IHMB and
KFC Holdings (M) Bhd in 1998 to rescind and revoke the various
sale and purchase and supplemental agreements for the proposed
acquisition of the land and building identified as "Wisma
Idris".
The proposed capital reduction involves the cancellation of
RM0.475 of the par value of each ordinary share of RM0.50 each
in IHMB thus reducing the par value to RM0.025 per share.
Thereafter, the issued and paid-up share capital of IHMB shall
be consolidated such that every 20 shares of RM0.025 each shall
be consolidated into one share of RM0.50.
A Special Purpose Vehicle (SPV) will be incorporated to take
over all assets of IHMB except for Talasco. Some of the assets
acquired by the SPV have been identified for disposal. Those
assets which have not been identified for disposal will be fully
written-down and all inter-company balances will be written-off
and will be transferred to the SPV at a nominal value.
The Company also proposed a corporate restructuring involving
the transfer of IHMB's listing status on the KLSE to Newco, a
rights issue of Newco shares and a transfer of IHMB's investment
in Talasco Insurance Bhd by IHMB to Newco, resulting in Talasco
being a wholly-owned subsidiary of Newco.
Subsequent to the Proposed Comprehensive Restructuring Exercise,
the principal business of Newco will be in the insurance sector
through Talasco.
INSTANGREEN CORP: Recoverable Amount From Maju Project Uncertain
----------------------------------------------------------------
Instangreen Corporation Bhd submitted a detailed explanation on
the qualification of the auditors' report for the year ended
December 31, 2000 to the Kuala Lumpur Stock Exchange Wednesday,
in reply to the exchange's query on June 25, 2001.
The explanations are summarized as follows:
The Company has:
a) net current liabilities of RM152,121,000;
b) deficit in shareholders' funds of RM167,776,000;
c) net loss for the year of RM64,596,000; and
d) accumulated losses of RM197,776,000.
As at December 31, 2000, the principal sum of the Company's
shorter borrowings repayable within the next twelve months
amounted to RM87,223,000.
The Company and its subsidiaries have:
a) net current liabilities of RM350,063,000;
b) deficit in shareholders' funds of RM265,301,000;
c) net loss for the year of RM136,439,000; and
d) accumulated losses of RM327,186,000.
As at December 31, 2000, the principal sum of the Group's short
term borrowings repayable within the next twelve months amounted
to RM200,508,000.
The going concern and the appropriateness in preparing the
financial statements on a going concern basis is dependent on
the successful completion of the proposed restructuring scheme
by LBS Holdings Sdn Bhd, achieving future profitable operations
and the continuing financial support of the Company's
shareholders, bankers and creditors.
The auditors are of the view that without such financial support
and achievement of future profitable operations by the Group and
the Company, there is substantial doubt that it will be able to
continue as a going concern and, therefore, as appropriate,
realize its assets and discharge its liabilities in the normal
course of business.
The company's auditors are unable to ascertain the
recoverability amount of the remaining carrying value of the
property development expenditure of Maju Kepunyaan Sdn Bhd which
stood at RM36,759,000 after taking into consideration a write
off of property development expenditure of RM40,000,000.
A subsidiary with substantial investments in the People's
Republic of China, Lamdeal Holdings Limited and its subsidiaries
(LHL) has deficit in shareholders' funds of HK$164,102,430
(equivalent to RM79,950,704) and net loss for the year of
HK$251,144,393 (equivalent of RM122,357,548).
The auditors were unable to review the records and auditors'
work papers of LHL to satisfy themselves as to the
appropriateness of LHL's financial statements for the purpose of
the preparation of the consolidated financial statements.
METROPLEX BERHAD: Resolves Winding-Up Case
------------------------------------------
Taylor Woodrow Projects (M) Sdn Bhd has filed a petition for the
winding up of Metroplex Holdings Sdn Bdh (MHSB). MHSB is a
wholly-owned subsidiary of Metroplex Berhad. The parties have
resolved the matter and the petitioner will withdraw the
winding-up proceedings.
The petition for winding-up has been fixed for hearing on August
10, 2001 at which time the petitioner's solicitors will inform
the court that they wish to withdraw the petition.
However, the parties may be able to withdraw the petition even
earlier by filing an application in court to strike out the
petition by mutual consent provided the court gives a hearing
date for such application prior to August 10, 2001.
The winding up petition was served on June 22, 2001. The claim
is for goods and services in the form of piling works for a
proposed link bridge project.
The amount claimed is RM208,947.00 together with interest
thereon at the rate of 8 percent from November 14, 2000 to the
date of full settlement.
The claim was disputed by MHSB. The company says the parties
were actually engaged in active negotiation to resolve the
matter. The matter has since been resolved although the parties
did not manage to withdraw the petition advertisement from the
newspapers in time.
Metroplex's investment in MHSB is RM332,288,362 at cost (at
valuation is RM758,704,818).
Trading in the securities of MHSB had earlier been suspended by
the Kuala Lumpur Stock Exchange with effect from 9.59 a.m.,
Tuesday, June 26, 2001 until further notice.
POLY GLASS: Court's Decision On Winding-Up Stay In October
----------------------------------------------------------
Poly Glass Fibre (M) Berhad Tuesday announced that the Shah Alam
Court informed the solicitors of Golden Approach Sdn Bhd (GASB)
that the decision of the company's Motion for Stay of the
winding up order pending appeal, and the Motion of Stay applied
by the Company under Section 243 of the Companies Act 1965 (Act
125) will be delivered on October 19, 2001 instead of September
25, 2001.
The court granted the winding up order on June 12, 2000 on the
petition filed by Sri Binaraya Sdn Bhd (SBSB) against GASB for
an alleged debt of RM2,108,820.22.
GASB is a wholly owned subsidiary of the Poly Glass.
TECHNO ASIA: Writ Of Summons Served
-----------------------------------
A writ of summons was issued to Techno Asia Holdings Berhad
(formerly known as Westmont Land (Asia) Berhad) on June 26, 2001
in respect to legal proceedings initiated by Chong Yeh Mei and
sixteen others.
These proceedings named two members of the Company, namely Khor
Boon Teck and Tay Kah Chai, and the Company as the First, Second
and Third Defendants respectively.
By the terms of the Indorsement of Claim to the Writ of Summons,
the Plaintiffs are seeking, the following:
* Injunctions to restrain the First, Second and Third
Defendants, its directors, agents, employees, proxies or its
members or proxies of the members or otherwise and the chairman
of the 32nd Annual General Meeting of the Third Defendant or the
chairman at any adjournments of the annual general meeting from
acting on or in accordance with a Circular to Members and Notice
of Nomination for Appointment of Directors both dated June 20,
2001 issued by a Company Secretary of the Third Defendant;
* Injunctions to restrain the First, Second and Third
Defendants, its directors, agents, employees, proxies or its
members or proxies of the members or otherwise and the chairman
of the 32nd Annual General Meeting of the Third Defendant or the
chairman at any adjournments of the annual general meeting from
tabling for consideration or putting to vote at the 32nd Annual
General Meeting of the Company to be held on June 28, 2001, or
at any adjournments thereof any proposal or nomination based on
the Circular to Members and/or Notice of Nomination for
Appointment of Directors any appointment of seven individuals as
directors of the Third Defendant; and
* Costs in the cause of this action.
The Plaintiffs have applied for an interim injunction by way of
a Summons-in-Chambers seeking orders that, among others, the
abovementioned injunctions be granted.
The Summons-in-Chambers was fixed for hearing on June 27, 2001
for which the Company was represented by legal counsel. The
Company has been informed by its solicitors that the Plaintiffs'
claims as against the Company has been struck out at the said
hearing.
Lim Tian Huat and Chew Cheng Leong of Messrs. Arthur Andersen &
Co. were appointed Special Administrators for the Company by
Pengurusan Danaharta Nasional Berhad on February 2, 2001
pursuant to Section 24 of the Pengurusan Danaharta Nasional
Berhad Act, 1998 and this appointment remains unaffected by the
abovementioned proceedings. The Board of Directors' powers
remain suspended pursuant to the appointment of the Special
Administrators.
WEMBLEY INDUSTRIES: Debt Workout Scheme In Works
------------------------------------------------
Wembley Industries Holdings said Wednesday the company is
currently working on a revised proposed debts restructuring
scheme and are discussing with creditors which include financial
institutions.
The report, which appeared in The Star, Business Section, page 9
on Tuesday, 26 June 2001, said the company "is working on a
revised debt restructuring scheme which will address issues
raised by the Securities Commission (SC)."
"Wembley director Datuk Stanley Isaacs told reporters this after
the company AGM in Kuching yesterday," the report said.
However, as the revised proposed debt restructuring scheme has
not been finalized yet, the company said it is unable to provide
the KLSE details of the scheme.
The article said the details of the revised proposed debt
restructuring scheme will be made available to the Exchange once
finalized.
=====================
P H I L I P P I N E S
=====================
BAYAN TELECOMS: Creditor Bank Meeting Set For Today
---------------------------------------------------
Bayan Telecommunications Incorporated (Bayantel) is scheduled to
meet with its creditor banks tentatively today, to discuss the
restructuring of loans amounting to as much as P15 billion,
Business World reports yesterday.
According to the report, an industry source said, "There is
still no debt restructuring proposal but there is a business
plan. We are still discussing the standstill agreement. We only
have drafts. Some banks are not ready to sign anything."
The business plan will be reviewed and evaluated by Arthur D.
Little, which the 34 creditor banks have hired. The source
further added that the evaluation began last week, and will be
completed in a month's time.
However, the creditor banks will still have to appoint a
financial adviser, either Arthur Andersen or Ernst & Young, for
Bayantel's restructuring proposal, the report says.
In December, Bayantel called for a moratorium for the principal
payment on short-term loans.
NATIONAL POWER: Foreign Firms Vie For Assets
--------------------------------------------
Eleven foreign firms have expressed interest to acquire assets
of National Power Corporation (Napocor), which is set to be
privatized with the enactment of the Power Reform Law, The Daily
Tribune reports.
The foreign entities include Marubeni Corporation, Mitsubishi
Corporation, Furukawa Electric Co. Ltd., Itochu Corp., ABB Power
Inc., Bechtel Overseas Corp., Deutsche Morgan Grenfell, East
Asia Power, Georgia Power, Nordic Power, and Swed Power
International, according to the newspaper.
Up for grabs are Napocor's power generation and transmission
companies, which are expected to earn for the government as much
as P171 billion, which will be used to retire the firm's debts,
which have burgeoned to P838 billion, as of end of December.
The government will, in turn, incur stranded costs amounting to
P467 billion should it decide to assume the state-owned power
firm's residual liabilities totaling P200 billion.
URBAN BANK: PDIC Approves Rehab Plan
------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) approved
Wednesday the rehabilitation plan for the closed Urban Bank,
which was prepared and submitted by white knight Export and
Industry Bank and partner National Association of Urban Bank
Depositors (Naud), Business World reported yesterday, citing
PDIC President Norberto Nazareno.
After PDIC's approval, the plan will be forwarded to Bangko
Sentral (Central Bank) to be approved by its policy-making body,
the Monetary Board (MB), the newspaper reports.
Nazareno was quoted by World as saying, "Afterwards, we are
supposed to sign a memorandum of agreement with Exportbank
sometime next week. Then we will have to meet with the Urban
Bank shareholders for them to ratify the plan. We are given a
minimum of 15 working days to do that."
Nazareno added that once the plan is ratified by the bank's
shareholders, the documents, including the ratification, will be
submitted back to PDIC for final approval.
"After the final approval of the MB and the PDIC is given, it
will only be that time that Exportbank can reopen the bank,"
Nazareno said.
=================
S I N G A P O R E
=================
BRIERLEY INVESTMENTS: Longleaf Changes Substantial Holding
----------------------------------------------------------
Longleaf Partners International Fund increased its relevant
interest in Brierley Investments Limited on 26 June 2001, from
101,006,000 deemed interest (7.38 percent) to 101,197,000 deemed
interest (7.39 percent).
CAM INTERNATIONAL: New Debt Workout Proposal Emerges
----------------------------------------------------
The board of directors of CAM International Holdings Ltd
announced on June 25, 2001 the discontinuance of the
restructuring scheme proposed by Ong Puay Koon. The announcement
also mentioned that the Company has received a new joint
corporate rescue and restructuring proposal from Koh Chun Wai
and the Company's Executive Chairman Dato Dr Tan Tiong Hong to
comprehensively restructure the indebtedness of CAM and its
subsidiaries.
The New Proposal was first mooted in general terms to the Board
on June 7, 2001 and the key features in respect of the New
Proposal continues to be developed in discussions with various
creditors of the Company. The parties are still in negotiations
to finalize the details of the New Proposal.
Though the details have yet to be finalized, the announcement of
June 25, 2001 was to highlight to investors the material
developments in the Company on broad terms so as to enable the
investors to be aware of such developments which may have an
impact on the Company's financial position.
The revised key features of the New Proposal include the
following:
(1) Capital reduction and consolidation of shares in the Company
The proposed capital reduction would reduce the issued and paid-
up capital of the Company of $24 million representing
240,000,000 ordinary shares of $0.10 each into an issued and
paid-up capital of $3.6 million representing 120,000,000
ordinary shares of S$0.03 each.
This involves canceling $0.085 from each issued and paid-up
ordinary share of $0.10 each. The shares shall then be
consolidated on the basis of every two shares of $0.015 each
into one share of $0.03 cents each credited as fully paid-up.
Arising from this capital reduction exercise, there will be a
cancellation of an amount standing to the credit of the reserves
of S$20,400,000.
(2) Cash Injection
A proposed joint cash injection of S$2 million into CAM by Koh
and Dato Tan in exchange for new ordinary shares of S$0.03 each
in the issued and paid-up capital of the Company.
(3) Scheme of arrangement with the various creditors
The indebtedness of the Group to be restructured as part of the
New Proposal includes an amount totaling approximately S$21.57
million including interest thereof, crystallized as at 30
September 1999 owing by CAM Advanced Technologies (M) Sdn Bhd
(CTM), a wholly owned subsidiary of the Company, to various
creditor banks.
A proposed scheme of arrangement pursuant to Section 210 of the
Singapore Companies Act (Chapter 50) has been recommended to
restructure the indebtedness owing by the Group to its
creditors. It has been proposed for creditors to be compensated
with a compromised amount representing 30 per cent. of the
indebtedness to be satisfied by the issuance at par of new
ordinary shares of $0.03 each to the creditors.
Additionally, it is proposed that certain put and call options
be granted in respect of certain of the Settlement Shares.
(4) Re-listing of the Shares and the listing of and quotation
for the Placement Shares and Settlement Shares on SESDAQ of the
Singapore Exchange Securities Trading Limited.
An application to SGX-ST and the relevant authorities (as the
case may be) is proposed to be made for a lifting of the
suspension from trading and a re-listing of the Shares and the
listing of and quotation for the Placement Shares and Settlement
Shares on SESDAQ of the SGX-ST.
The Company will make an application to the High Court of
Singapore to convene a meeting of the creditors of the Company
for the purpose of approving the Scheme between the Company and
its creditors. Once the requisite approval is obtained from the
High Court of Singapore to convene the Court Meeting, a notice
calling for the Court Meeting will be advertised in, inter alia,
the Straits Times and the Lianhe Zaobao.
It is emphasized that the key features outlined above should be
regarded as indicative terms only and may be subject to further
revisions and amendments by, inter alia, the Company, the
creditors of the Company and CTM, and the High Court of
Singapore. The Board shall duly announce the details and terms
of the New Proposal including the pro forma financial effects of
the New Proposal once they are finalized.
===============
T H A I L A N D
===============
DATAMAT PUBLIC: Asks For Re-Extension For Plan Submission
---------------------------------------------------------
Datamat Public Company Limited announces it submitted a letter
dated 9 February 2001 requesting approval from the Company's
Creditors to amend the Debt Restructuring Agreement (Agreement)
dated 22 February 2000.
Consequently, the Creditors' meeting on 8 June 2001 approved the
request for amendment with supporting vote accounting for 88.14
percent of total debt. The Company expects to receive the
approval on Rehabilitation Plan from Shareholders' Meeting
during August 2001.
In this regard, the Company is requesting for an extension of
the submission of Rehabilitation Plan within the period until 30
December 2001.
On 19 December 2000, the Company sent to the Stock Exchange of
Thailand (SET) a letter requesting for re-extension of
submission of Rehabilitation Plan to 30 June 2001.
PRASIT PATANA: Creditors Approve Rehab Plan
-------------------------------------------
Pricewaterhouse Coopers Corporate Restructuring Limited, as
Planner of Prasit Patana Public Company Limited, revealed the
approval of the proposed Rehabilitation Plan at the creditors'
meeting held on 25 June 2001. The meeting was called by the
Company's Official Receiver.
About 88.71 percent of creditors in attendance voted in favor of
the plan.
A resolution appointing a committee of creditors consisting of
Bank of Ayudhaya Pcl., Sukhumvit Asset Management Co., Ltd.,
Bayerische Hypo-Und Vereinsbank AG Singapore and Natexis Banques
Populaires was also passed.
The Official Receiver will report the results of the meeting to
the Bankruptcy Court and will ask the Court for its approval.
The Court is scheduled to consider the matter on 3 July 2001.
"We will keep [everybody concerned] informed of any progress on
this matter," said Paphon Mangkhalathanakun, the Planner's
representative .
SAHAMITR PRESSURE:Requests Second Extension For Submission
----------------------------------------------------------
Sahamitr Pressure Container Public Company Limited (SMPC)
chairman and managing director Sutham Ekahitanond said the
company requested an extension for the submission of its
Rehabilitation Plan. The company would like to submit its plan
by December 31, 2001.
The company, in December 2000, informed the SET that it could
not finalize the debt restructuring plan with creditors within
June 30, 2000. It then requested the re-extension of submission
of its rehabilitation plan from December 31, 2000 to June 30,
2001.
The SMPC chairman said in his letter the company submitted the
Debt Restructuring Plan into the CDRAC program, and received the
approval from the Creditors' meeting May 21, 2001.
Presently, the company is in a process of preparing the Debt
Restructuring Agreement, which is expected to be signed by July
2001. The Rehabilitation Plan should be submitted to the
Shareholder's meeting for approval during September 2001.
SIAM STEEL: Pays Creditors Bt42.5M Under Rehab Plan
---------------------------------------------------
Siam Steel International Public Company Limited reported on the
progress of the company's rehabilitation plan. The points are as
follows:
The company has made payments to financial institution
creditors. According to the Term in the Rehabilitation Plan,
the fourth interest payment and third repayment of principal to
Financial Institution Creditors was made on March 28, 2001 for
the period December 29, 2000 to March 29, 2001.
The interest payments amounted to Bt22.5 million and repayment
of principal was Bt20 million, a total of Bt42.5 million.
The completion of the first stage of conversion of debt to
equity is assigned to finish by June 30, 2001.
The Steering Committee unanimously agreed it appropriate to
grant security and The Bank of Ayudthya was appointed as
Security Agent.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily
newsletter co-published by Bankruptcy Creditors' Service,
Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC
USA. Lyndsey Resnick, Ronald Villavelez, Maria Vyrna Ni¤eza,
Editors.
Copyright 2000. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
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